03 July 2025: 16:30 BST
Brent structure off on a flyer today, with the prompt spread briefly exceeding $1.30! It fell back by the close at $1.20. By contrast, flat price remained relatively contained. It launched an assault on the $69 mark in the late morning and held that into the afternoon, though slipped to $68.49/bbl by the close.
Mercuria was back in the North Sea window, dangling another Midland offer in there. But they offered a 26-30 July Midland at $2.10 over Dated early in the window and then left it to rest there, though it attracted no interest at all. And finally we saw a bid for Forties! After Totsa cleared out Shell’s Forties offer a couple of days ago, Unipec came in today to bid Forties at Dated +$1.30 – massive! It was also a very wide bid, for 13-31 July… And the physical differential jumped to 64c!
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.